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Crain's Chicago Business
Even though he was still in residency, Dr. Jay Joshi didn't hesitate to launch a startup. Now he's funding them, too.
The Chicago “doctorpreneur” has assembled a group of about 30 physicians to fund health care-related startups at the earliest stages. His pitch is simple: Doctors generally have capital and need to diversify their finances beyond their own practices and the stock market. Meanwhile, one of the biggest barriers for health care entrepreneurs is finding investors comfortable enough with the sector.
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CFA Chicago
The U.S. retirement system, often referred to as a three-legged stool, has become increasingly unstable. The first leg, defined benefit plans, are shrinking fast, while second leg personal savings - to include savings plans like the 401 (k) - is also in decline. The last leg - Social Security - is the country's only 'guaranteed retirement income source', and is the primary income source for fully one third of American retirees. The program will discuss factors leading to today's dire situation along with public policy and private sector solutions to provide adequate retirement income for millions of Americans. Attendees will also hear from leading plan sponsors about current initiatives related to the management of their retirement plans.
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CFA Chicago
Nuveen Asset Management's Co-head of Fixed Income and Head of Municipals, John Miller, CFA will address the current fiscal challenges faced by the city of Chicago and state of Illinois. He will also offer perspective on the current municipal market environment including valuations, issuance trends and distressed credits across the municipal bond market.
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The Center for Strategic Finance at the Stuart School of Business will host the J.B. Finkl Lecture on Ethics and Finance on March 3, including the keynote address “Why Risk Management Failed: Ethical and Behavioral Aspects” by Dr. John Boatright, President of the Society for Business Ethics. Learn more and register.
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CFA Chicago
The Investment Exchange Forum is a stock-picking meeting of 10-15 CFA Chicago members. Each meeting features actionable ideas by presenting volunteers and a lively discussion of the topic at hand. The IEF is both an opportunity to learn how others present investment ideas concisely and a chance to practice stock pitches. In order to keep the quality of the stock picks as high as possible, we encourage attendance by members who are actively involved in investment management.
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CFA Chicago
Whether you are looking for a new job or just curious to explore options, don't miss this opportunity to meet with representatives from Chicago's top investment firms. This exclusive members-only event is one of our most popular professional development events of the year and is FREE for all members. Representatives from Kaplan Schweser will also be present to provide candidates with information on their CFA review courses and services.
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CFA Institute's Enterprising Investor
Should we make decisions based on intuition and emotion? Or should we make them more rationally, using data, analytics, and numbers?
According to Erika James, the John H. Harland Dean of Emory University’s Goizueta Business School, the best process for making decisions under pressure is to use the data and numbers to inform our intuition. Leaders must recognize and avoid falling prey to mind tricks and biases.
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Pensions & Investments
Large-cap growth strategies dominated the one-year overall domestic equity rankings in Morningstar Inc.’s separate account/collective investment trust database, pushing out small-cap growth strategies. Nine of the top 10 equity strategies for the 12 months ended Dec. 31 were large-cap growth. The other was a microcap value strategy. In the third quarter, small-cap growth claimed six of the top 10 spots for the year; only one large-cap growth strategy made the top 10.
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Bloomberg
Sovereign wealth funds may withdraw $404.3 billion from global stock markets this year if crude prices stay between $30 to $40 per barrel as oil-rich nations seek to shore up their finances, according to the Sovereign Wealth Fund Institute.
The value of listed equities held by the world’s largest wealth funds will probably drop to $2.64 trillion this year, from about $3.04 trillion at the end of 2015, the Las Vegas-based SWFI said in an emailed report.
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Chicago Tribune
Global stock markets and the price of oil rose Monday as investors expected finance ministers and central bank chiefs from major economies to indicate more stimulus is possible to help world growth.
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Bloomberg
The planned sale of the Chicago Stock Exchange to a Chinese buyer should be rigorously investigated by U.S. national security officials and blocked if the buyer has close ties to the Chinese government, a group of U.S. lawmakers said.
The buyer — Chongqing Casin Enterprise Group — has many of the "traditional opaque qualities" of a Chinese company and is involved in sectors that likely require close ties to the government, 46 members of Congress said in a letter to the Committee on Foreign Investment in the U.S.
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Chicago Tribune
At first it sounded like Gov. Bruce Rauner's "Dorothy" moment.
About a third of the way through his budget address to the General Assembly on Wednesday, after outlining the gruesome financial condition of the state, the first-term Republican offered his Democratic opponents in the legislature the option to try to balance Illinois' budget by giving "the executive branch the authority to cut spending to live within our revenues."
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Bloomberg
Most people in Chicago’s City Hall probably recall a moment of clarity, a little voice whispering, this can’t last.
Maybe it came in 1979, when the city’s schools nearly went broke. Maybe it came in the late 1990s, when no one funded the teachers’ pensions. Or maybe, finally, it came this month, when the nation’s third-largest public school district, with almost 400,000 students, once again slid toward the brink.
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Crain's Chicago Business
If you Google “Rauner kick the can” you'll get 187,000 search results.
You can now make that 187,001.
The reason? Well, after almost three years of campaigning and governing while constantly complaining that Democratic lawmakers and his predecessors in both parties kicked Illinois' many problems into the future, Gov. Bruce Rauner proposed doing just that during his budget address.
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The New York Times
Nearly four years ago, the venture capitalist Michael Moritz donated $115 million to his alma mater, the University of Oxford, to bolster the British university’s financial assistance efforts.
Now Mr. Moritz, the chairman of Sequoia Capital, and his wife, Harriet Heyman, are providing a similar gift for an American institution.
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Pensions & Investments
Risk-parity continues going strong despite the hit it took in 2015, fueled chiefly by a continued investor desire to keep portfolios diversified. “2015 was a challenging year for many risk-parity strategies due to the component of the strategy that's inflation-sensitive, such as TIPS and commodities,” said Russell Ivinjack, a senior partner at Aon Hewitt Investment Consulting, Chicago.
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Reuters
Steve Irish used to farm 450 acres of rich crop fields in east-central Illinois, but that 15-year chapter of his life ended with a recent conversation with his banker.
The banker was blunt. Irish was deep in debt from the farm equipment he bought, and needed to pay back the money he owed. So now Irish's tractor, combine and other machinery needed to run a grain farm is up for sale in an online auction.
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